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Use of Chips in Banking Urged to Be Enhanced
The use of chips in banking is rather insufficient and the situation must be changed, said a senior business executive of the Visa International Monday in Hong Kong.
Richard K. Chang, senior vice president and general manager of Visa's China region, quoted statistics showing that among the estimated 101 million chip cards used in the Asia Pacific region, only 4 million are used in the financial area while 55 million are phone cards and 23 million are used for Global Mobile Service GSM and pay TV.
Visa is making efforts to promote the use of chips, which is more convenient, secure, economic and efficient, in the payment products, including creating a common operating standard that can be used by consumers and merchants worldwide, Chang said at a press conference.
He envisaged that in the future people can make their payment through a Visa chip installed in their mobile phones.
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